- European markets saw gains as traders turned their attention to yet another significant U.S. inflation figure.
- The headline PPI is expected to have increased by 0.3% in February.
- The British company projected positive cash flow and adjusted profitability between £110 and £130 million for 2024.
Thursday’s opening of European markets saw gains as traders turned their attention to yet another significant U.S. inflation figure for February. In early trading, the pan-European Stoxx 600 index was up 0.3%, led by gains in household goods and a 0.7% decline in miners.
Before the start of U.S. trade, the producer pricing index (PPI) is scheduled for release. According to a Dow Jones survey of experts, the headline PPI is expected to have increased by 0.3% in February.
European Market
While Asia-Pacific markets remained mostly range-bound on Thursday, U.S. stock futures saw a slight increase on Wednesday night. German renewable energy manufacturer Encavis saw a 27% increase in early trading following the announcement by investment firm KKR that it had launched a buyout bid for the business, paying 17.50 euros ($19.14) in cash per share, for an estimated total equity value of 2.8 billion.
The board of Encavis supports the proposal to enlist partners who have a similar entrepreneurial mindset, long-term outlook, and wealth of investment expertise to facilitate the energy transformation.
Deliveroo, a meal delivery business, moved closer to profitability with its full-year results on Thursday, reporting a loss of £31.8 million ($40.7 million) after a loss of £294.1 million the year before.
The company’s adjusted earnings of £85.4 million exceeded its previous expectations and represented an improvement over its £45 million loss in 2022. The British company projected positive cash flow and adjusted profitability between £110 and £130 million for 2024.
This month, European stock markets broke through a significant psychological barrier and are still rising. Since the benchmark index’s initial 500-point peak last week, the STOXX Europe 600 has reached yet another record-breaking high.
